SAT Grants Partial Relief to Kotak AMC in Sebi Fixed Maturity Plan Case

The Securities Appellate Tribunal (SAT) granted partial relief to Kotak Mahindra Asset Management Company in a case involving fixed maturity plans (FMPs) linked to Essel Group entities. SAT set aside the Securities and Exchange Board of India's (Sebi) order to disgorge management fees but upheld monetary penalties against Kotak AMC, its trustee, and officials. The dispute concerns delayed investor payouts from six FMP schemes maturing in 2019, with Kotak stating investors were paid with interest within the allowed timeframe. The company affirmed its commitment to compliance and will consider further legal options.